BTIG Maintains a Buy on Iris Energy (IREN), Sets a PT of $22

Iris Energy Limited (NASDAQ:IREN) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 15, BTIG analyst Gregory Lewis maintained a Buy rating on Iris Energy Limited (NASDAQ:IREN) and set a price target of $22.00.

Iris Energy Limited (NASDAQ:IREN) reported record monthly revenue and hardware profile in June 2025. Total revenue reached $68 million, and the company reached its self-mining target of 50 EH/s.

The report also showed that Iris Energy Limited (NASDAQ:IREN) expanded its AI Cloud Business with ~2.4k Blackwell GPUs and completed an oversubscribed $550 million convertible notes offering, strengthening its market presence and infrastructure capabilities.

Formerly known as Iris Energy Limited, IREN Limited (NASDAQ:IREN) is an Australia-based company that owns and operates renewable energy-powered data centers. Its facilities are specially optimized for Bitcoin mining, AI cloud services, and other power-dense computing.

While we acknowledge the potential of IREN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.